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Private Jets Used To Woo Financial Clients – Take Notice Van Kampen

Money managers have found a new tool in landing high-net-worth clients:  Private Jet Travel.  Previously reserved for the corporate world, jet travel has exploded over the last 18 months in the private sector.

How big is the explosion?  Seven years ago, there were approximately 6,000 business jets; today, that number has almost doubled.  Estimates are that 20 percent to 30 percent of the air traffic over New York comes from corporate jets, according to David Castelveter, a spokesman for the Air Transport Association.

Reports are that private banks and niche Financial Advisors are chartering Private Jets to draw in new clients.  Bank of New York Mellon uses its private jet to take higher-end clients to Super Bowl and other events.

With card programs, such as the Marquis Jet Card, costing  approximately $140,000 for 25 hours of flight time, it will not be long until we see Mutual Funds in this game:  be on the lookout for your invite from American Funds and Van Kampen.